• Heritage Action
  • More

Soak the Rich

Recorded on September 21, 2011

From The Heritage Foundation, I'm Ernest Istook.

President Obama wants rich people to pay their fair share of taxes. Who could disagree with that? Shouldn't everybody pay their fair share?

More than half of Americans now pay no federal income tax. Zero. Zilch. Nada.

The top 1% of earners pay almost 40% of the personal income tax. The top 5% pay almost 60%, and the top 10% pay 70%.

So one-tenth of Americans pay 70% of the tax. And the richest 1% pay 40% of the tax. Yet Obama says they're not paying their fair share. In fact, he says he'll veto any bill to control runaway entitlement spending unless it also raises taxes on the wealthy.

And what about the claim that secretaries pay a higher tax rate than millionaire bosses. The Associated Press checked it out, and concluded it just isn't true.

From The Heritage Foundation, I'm Ernest Istook.